As Bitcoin approaches its next halving, expected on April 20, the cryptocurrency market is on high alert for the pre-halving “danger zone,” a period historically marked by a price dip in the 14 to 28 days leading up to the event. Crypto analyst Rekt Capital highlighted this trend, noting significant drops during previous halvings in 2016 and 2020.
In 2 days, Bitcoin will officially enter the “Danger Zone” (orange) where historical Pre-Halving Retraces have begun
Historically, Bitcoin has performed Pre-Halving Retraces 14-28 days before the Halving
In 2020, this retrace was -20% deep
In 2016, this retrace was -40%… pic.twitter.com/rnKjznsGHk
— Rekt Capital (@rektcapital) March 17, 2024
Despite a recent 8.5% drop from its March 14 all-time high of $73,835, industry leaders remain optimistic. Binance CEO Richard Teng predicts Bitcoin could exceed $80,000 by year’s end, driven by institutional investments and the impact of newly approved U.S. exchange-traded funds (ETFs). He anticipates continued demand but warns of potential price fluctuations along the way.
Crypto.com’s CEO Kris Marszalek views the recent price correction as a healthy adjustment, suggesting it aligns with the market dynamics seen before significant rallies in late 2020 and early 2021. He expects a more stable price increase, emphasizing Bitcoin as a long-term investment.
As the crypto community watches the market closely, the mixed signals of historical trends and bullish executive forecasts paint a complex picture of Bitcoin’s path leading up to and following the halving.
